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MarketScreener Homepage  >  Equities  >  Tokyo  >  Sony Corp    6758   JP3435000009

SONY CORP

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Didi-SoftBank taxi-hailing JV expands to 13 cities across Japan

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04/24/2019 | 12:10am EDT
The logos of Didi Chuxing and SoftBank are pictured during a news conference about their Japanese taxi-hailing joint venture in Tokyo

TOKYO (Reuters) - Didi Mobility Japan, a joint venture (JV) by China's Didi Chuxing and SoftBank Corp, said it would expand its taxi-hailing service to 13 cities across Japan.

The app was first rolled out in September in Osaka, a popular destination for Chinese tourists, where it has tied up with 40 taxi firms in an increasingly crowded market for such apps that includes rivals backed by Sony Corp and Toyota Motor Corp.

It is expanding into Tokyo and Kyoto from Wednesday, with a further 10 locations to follow in the current financial year.

Despite SoftBank's oversized presence in the global ride-hailing industry, such services are effectively banned in Japan, leaving SoftBank portfolio companies like Didi and Uber limited to offering services that match taxis with customers.

Didi is among a growing number of SoftBank Group Corp-backed companies launching JVs with SoftBank's domestic telco. Other startups doing so are shared co-working firm WeWork Cos and Indian hotel startup OYO.

As part of SoftBank's efforts to drive synergies between its portfolio companies users will be able to access the taxi-hailing service through Yahoo Japan's route-finding app and pay via PayPay, an app that uses tech from India's Paytm.

(Reporting by Sam Nussey; Editing by Himani Sarkar)

By Sam Nussey

Stocks mentioned in the article
ChangeLast1st jan.
SOFTBANK CORP End-of-day quote.
SOFTBANK GROUP CORP 0.31% 11505 End-of-day quote.64.24%
SONY CORP -0.41% 5288 End-of-day quote.2.72%
TOYOTA MOTOR CORP 0.43% 6993 End-of-day quote.13.16%
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Financials (JPY)
Sales 2019 8 574 B
EBIT 2019 -
Net income 2019 832 B
Finance 2019 1 386 B
Yield 2019 0,64%
P/E ratio 2019 8,11
P/E ratio 2020 11,90
EV / Sales 2019 0,62x
EV / Sales 2020 0,58x
Capitalization 6 722 B
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 7 407  JPY
Spread / Average Target 40%
EPS Revisions
Managers
NameTitle
Kenichiro Yoshida President, CEO & Representative Director
Osamu Nagayama Chairman
Kevin Kelleher Chief Operating Officer
Hiroki Totoki Chief Financial Officer & Senior Executive VP
Tomoyuki Suzuki Executive VP, Head-Research & Development Platform
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